- Singapore Exchange (SGX)'s 1HFY24 revenue of S$592mil was slightly below our estimates, at 45% of FY24e, while adjusted PATMI of S$251mil was below our estimates, at 42% of FY24e. The variancecame from higher-than-expected FICC revenue offset by lower Equities – Cash and Equities – Derivatives revenue. 1HFY24 dividend increased by 6% to 17 cents (1HFY23: 16 cents).
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- FICC grew 28% y-o-y, led by continued growth in commodity and currency derivatives volumes, higher OTC FX revenue, and higher treasury income. Equities revenue fell due to a decline in trading and clearing, and listing revenue, offset slightly by higher treasury income.
The Positives
Treasury income continues to climb.
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- Notably, 1H24’s treasury income contributed 20% to PBT, similar to the contribution in full-year FY23.
FICC – Currency and commodities surges.
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